Implementation • Strategy formulation is the process of using available knowledge to document the intended direction of a business and the actionable steps to reach its goals. This process is used for resource allocation, prioritization, organization- wide alignment, and validation of business goals. • Implementation is the execution or practice of a plan, a method or any design, idea, model, specification, standard or policy for doing something. As such, implementation is the action that must follow any preliminary thinking for something to actually happen. Evaluating different approaches to strategy formation involves assessing their effectiveness, suitability for the organization, and alignment with its goals and values. Common evaluation criteria include strategic fit, feasibility, resource allocation, adaptability to change, and potential for competitive advantage. Each approach, such as top-down, bottom-up, or collaborative, has its pros and cons, which should be weighed against the organization's context and objectives. Strategic assumptions are the assumptions that are held by decision- makers when building a strategic plan. All strategic plans should be built upon a grounded, validated and accepted set of strategic assumptions. Any strategic plan or decision is only as good as the strategic assumptions upon which it is based. Strategy Formation in International Context
The strategic management literature does
not clearly explain how far strategy formation differs in international firms than strategy formation does in domestic firms. Some authors do not view the strategy development and implementation process in an international context any differently from that in general strategic management. Thank you!